Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The building company Mangen Constructions has announced its bankruptcy with 225 jobs cut. This is the second bankruptcy of a large construction company in Luxembourg in a short timeframe; Socimmo (470 employees, see here) failed in September 2011.
Mangen Constructions was no longer able to fulfill its financial commitments to its suppliers and employees. The relationship between suppliers and Mangen construction has been tense since the Socimmo bankruptcy in September 2011.
It is reported that it will be very difficult for the redundant employees at Mangen to find new construction jobs as it has proven difficult for former Socimmo employees to do so.
Eurofound (2012), Mangen Constructions, Bankruptcy in Luxembourg, factsheet number 73200, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73200.
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